Thomas Curran (London School of Economics Professor) – Interview with Norges Bank Investment Management CEO (Oct 2023)
Chapters
00:00:01 Understanding Perfectionism and Its Impact on Society
The Roots of Perfectionism: Perfectionism stems from a sense of lack, leading to attempts to conceal and hide perceived imperfections. Self-oriented perfectionism involves an intense need to be perfect, accompanied by self-criticism.
The Three Dimensions of Perfectionism: Self-oriented perfectionism: A burning need to be perfect, resulting in self-criticism when standards are not met. Other-oriented perfectionism: Expecting perfection from others, leading to high demands and intolerance of substandard performance. Socially prescribed perfectionism: The belief that others expect perfection from us, resulting in feelings of surveillance and self-consciousness.
Perfectionism and Relationships: Perfectionists may face challenges in relationships due to clashes and tensions caused by their high expectations. Other-oriented perfectionism can create interpersonal conflicts and dissatisfaction in personal and professional relationships.
Perfectionism and the Workplace: Other-oriented perfectionism can drive high standards in organizations but may create a culture of fear and reluctance to take risks. Micromanagement and fear of failure can stifle creativity, innovation, and job satisfaction.
Socially Prescribed Perfectionism: Socially prescribed perfectionism comes from external pressures and expectations. It is associated with feelings of surveillance, self-consciousness, shame, embarrassment, and guilt. This form of perfectionism has a strong correlation with mental health issues.
The Perfectionist Epidemic: A surge in socially prescribed perfectionism has been observed since around 2005. Economic recession, increased competition, and the rise of social media are contributing factors.
Social Media and Perfectionism: Social media creates a hyper-reality where curated perfect lives are constantly presented. This can lead to feelings of inadequacy and a desire to conform to unrealistic expectations.
00:12:36 Perfectionism: The Link to Depression, Anxiety, and Eating Disorders
The Role of Social Media: Social media is a key contributor to the rise of socially prescribed perfectionism. Excessive use of social media is associated with lower happiness levels. However, social media also has positive aspects, such as building communities and sharing information.
Perfectionism and Mental Health: Perfectionism is associated with psychological problems, including depression, anxiety, and eating disorders. Perfectionists try to hide their flaws and avoid setbacks, leading to a fear of seeking help. Perfectionism can hinder coping with stressful events and slow down recovery.
The Perfectionistic Paradox: Perfectionists initially put a lot of effort into new tasks but withdraw when faced with challenges. This behavior stems from a fear of failure and embarrassment. Perfectionism is linked to avoidance and procrastination, which hinder performance, creativity, and innovation.
Implications for Success: Perfectionists may not achieve higher success in school or the workplace despite their hard work. Perfectionism focuses on avoiding failure rather than striving for success. Organizations value creativity and innovation, which are hindered by perfectionism’s emphasis on flawlessness.
00:19:02 Overcoming Perfectionism in the Workplace
Perfectionism in Organizations: Some organizations foster a culture of perfectionism, expecting employees to perform at an impeccable level without room for mistakes. This perfectionist culture can lead to micromanagement, stifling creativity, and creating anxiety among employees. Nicolai Tangen emphasizes the importance of allowing employees to make mistakes and embracing psychological safety for fostering creativity and innovation.
The Drawbacks of Perfectionism: Perfectionism often leads to burnout, as individuals push themselves beyond their limits to achieve flawless outcomes. The pursuit of perfection can come at the expense of mental health, personal relationships, and overall well-being. Perfectionist tendencies can hinder innovation and progress, as people may be reluctant to take risks or share half-baked ideas for fear of failure.
Striving for Excellence vs. Perfection: Organizations should aim for excellence rather than perfection, allowing employees to deliver high-quality work without the pressure of achieving flawless outcomes. Setting realistic expectations and creating a culture where good enough is acceptable can help alleviate perfectionist tendencies. Leaders should encourage employees to embrace experimentation and innovation, even if it means taking risks and accepting the possibility of failure.
Creating a Supportive Work Environment: Organizations can create a supportive work environment by emphasizing psychological safety, where employees feel comfortable admitting mistakes, taking risks, and sharing ideas without fear of judgment or punishment. Promoting a culture of open communication, trust, and mutual respect can help employees feel safe and supported in their roles. Leaders should provide clear direction and set realistic goals while empowering employees to find creative solutions and take ownership of their work.
Balancing Perfectionism and Psychological Safety: Finding the right balance between striving for excellence and promoting psychological safety is crucial for organizational success. Organizations should encourage employees to set high standards and deliver quality work while also creating an environment where mistakes are seen as learning opportunities and not as failures. By fostering a culture that values diversity of thought, open communication, and mutual respect, organizations can unlock the full potential of their workforce.
00:29:23 Finding Success Beyond Relentless Work: A Balanced Approach to Productivity and Well-
Moderation in Hard Work and Perfectionism: Excessive focus on productivity and profit margins can lead to neglect of the people driving the company’s growth. Leaders should prioritize creating a safe and comfortable environment where employees feel empowered to express themselves, take risks, and contribute to the company’s success.
People-Centric Leadership: Effective leadership involves understanding and valuing employees as individuals, recognizing their motivations, strengths, and challenges. Micromanagement and excessive focus on results can stifle creativity, ownership, and job satisfaction. Leaders should aim to create a work environment that fosters flow, engagement, and a sense of purpose for employees.
The Paradox of Hard Work and Perfectionism: Hard work and perfectionism are not necessarily linked. Some individuals work extremely hard without being perfectionists. Conscientiousness, diligence, and meticulousness are traits often associated with hard work, but they do not necessarily imply perfectionism. Grit, resilience, and the ability to push past adversity are positive qualities for performance, but moderation is key.
Finding the Sweet Spot: The challenge for leaders and organizations is to find the balance between hard work and moderation, ensuring that employees are driven and persevering but also working intelligently and avoiding burnout. Perfectionism taken to an extreme can be counterproductive, and leaders should strive to create a work environment that fosters a healthy balance between hard work and well-being.
00:33:35 Addressing Perfectionism: Challenges, Strategies, and Opportunities for Growth
What Perfectionists Should Know: Perfectionists often have an exaggerated fear of negative consequences. The perceived consequences of imperfection are often not as severe as imagined. Putting oneself out there and accepting imperfect outcomes can lead to valuable experiences and growth.
Coping Strategies for Perfectionists: Practice self-compassion and kindness towards oneself, especially when facing setbacks. Be brave and courageous by pushing oneself out of one’s comfort zone. Understand that it is impossible to please everyone, and negative feedback is a natural part of putting oneself out there.
Areas for Future Research on Perfectionism: Cross-cultural comparisons to understand variations in perfectionism levels across cultures. Exploring the relationship between perfectionism and job performance, considering factors such as procrastination, burnout, and stress management.
00:38:38 Wabi-Sabi: Finding Beauty in Imperfection
Wabi-Sabi Philosophy: Wabi-sabi is a Japanese aesthetic philosophy that celebrates the perfect imperfect. It teaches us to find beauty in the broken, fragile, and flawed. Wabi-sabi emphasizes that life is finite and that we are all mortal.
Appreciating Imperfection: Wabi-sabi helps us to appreciate the beauty in things that are not perfect. It teaches us to see the beauty in the cracks, curves, and harsh edges of life. This philosophy encourages us to accept and embrace our own flaws and imperfections.
Finding Joy in Imperfection: Wabi-sabi can help us to find joy in the midst of difficult moments. It reminds us that life is full of ups and downs and that it is okay to experience both positive and negative emotions. Knowing that imperfection is a natural part of life can be incredibly humanizing and comforting.
Conclusion: Wabi-sabi is a philosophy that can help us to live more fulfilling lives. It teaches us to appreciate the beauty of imperfection and to find joy in the midst of difficult moments. By embracing wabi-sabi, we can learn to accept and love ourselves and the world around us just as they are.
Abstract
Perfectionism: A Double-Edged Sword in the Modern World
In an era where perfectionism is often glorified, its darker facets are increasingly coming to light. Perfectionism, a relentless drive for flawlessness, is rooted in feelings of inadequacy and heightened self-criticism. It manifests in various forms, such as self-oriented, other-oriented, and socially prescribed perfectionism, each carrying its unique burdens and societal implications. This article delves into the complexities of perfectionism, examining its rise, particularly due to social media influences, its impact on mental health, performance, and workplace dynamics, and the paradox it creates in personal and professional lives. It further explores the need for a balanced approach in organizations and individual lives, advocating for a healthier perspective that embraces imperfection.
The Nature and Types of Perfectionism:
Perfectionism stems from a deep-seated sense of not being good enough, compelling individuals to mask their perceived flaws. It can be categorized into three distinct types: self-oriented, other-oriented, and socially prescribed. Self-oriented perfectionists impose harsh standards on themselves, often influenced by genetics and cultural factors. They may also be accompanied by a burning need to be perfect, leading to self-criticism when standards are not met. Other-oriented perfectionism projects these unrealistic standards onto others, frequently causing interpersonal issues. Socially prescribed perfectionism, increasingly prevalent in the age of social media, arises from external expectations, significantly impacting mental health.
The Rise of the Perfectionist Epidemic:
Since around 2005, socially prescribed perfectionism has surged, linked to factors like economic strains, competitive pressures, and the idealized realities portrayed on social media platforms. This increase is alarming, as perfectionism is closely associated with mental health issues, including depression, anxiety, and eating disorders. Perfectionists often suffer silently, avoiding vulnerability, and thus missing out on potential support and recovery opportunities.
Detrimental Impact of Perfectionism:
Perfectionism’s pursuit can lead to chronic stress, burnout, and hindered personal growth. It negatively impacts relationships and workplace dynamics, stifling creativity and innovation. This relentless pursuit of an unattainable ideal can result in procrastination, over-scheduling, and ultimately, compromised performance and well-being. Perfectionists may also face challenges in relationships due to clashes and tensions caused by their high expectations. Other-oriented perfectionism can create interpersonal conflicts and dissatisfaction in personal and professional relationships. In organizations, it can foster a culture of fear and reluctance to take risks. Micromanagement and fear of failure can stifle creativity, innovation, and job satisfaction.
The Perfectionistic Paradox in Performance:
Intriguingly, perfectionism can initiate a high level of effort but often leads to withdrawal in the face of challenges. This paradox, stemming from a fear of failure and vulnerability, undermines creativity and innovation, highlighting a crucial performance dilemma. Perfectionists initially put a lot of effort into new tasks but withdraw when faced with challenges. This behavior stems from a fear of failure and embarrassment. Perfectionism is linked to avoidance and procrastination, which hinder performance, creativity, and innovation. Perfectionists may not achieve higher success in school or the workplace despite their hard work. Perfectionism focuses on avoiding failure rather than striving for success. Organizations value creativity and innovation, which are hindered by perfectionism’s emphasis on flawlessness.
Managing Perfectionism in the Workplace:
Experts like Nicolai Tangen and Thomas Curran emphasize the importance of psychological safety and balance in organizational cultures. They advocate for a shift from perfectionism to a focus on “good enough” approaches, encouraging creativity and risk-taking while acknowledging the inherent uncertainty in new ventures. This includes fostering a culture that values high performance without promoting unsustainable perfectionism and creating environments where mistakes are part of the learning process.
The Human Aspect of Leadership and Work:
Effective leadership transcends beyond hard work and perfectionism. It involves nurturing individuals, understanding their motivations, and supporting their well-being. Organizations should strike a balance between grit and moderation, acknowledging the value of perseverance while recognizing the importance of letting go of unproductive endeavors. Finding the right balance between striving for excellence and promoting psychological safety is crucial for organizational success. Organizations should encourage employees to set high standards and deliver quality work while also creating an environment where mistakes are seen as learning opportunities and not as failures. By fostering a culture that values diversity of thought, open communication, and mutual respect, organizations can unlock the full potential of their workforce.
Coping with Perfectionism:
For individuals grappling with perfectionism, it’s crucial to understand that the consequences of imperfection are often less severe than imagined. Embracing vulnerability, courage, and self-kindness, and accepting setbacks as part of growth, can help mitigate the adverse effects of perfectionism. The drawbacks of perfectionism are evident. It often leads to burnout, as individuals push themselves beyond their limits to achieve flawless outcomes. The pursuit of perfection can come at the expense of mental health, personal relationships, and overall well-being. Perfectionist tendencies can hinder innovation and progress, as people may be reluctant to take risks or share half-baked ideas for fear of failure. Perfectionism can hinder coping with stressful events and slow down recovery. Perfectionists try to hide their flaws and avoid setbacks, leading to a fear of seeking help.
Areas for Further Research and Philosophical Perspectives:
Future research could explore cross-cultural variations in perfectionism and its relationship with job performance. Additionally, philosophies like Wabi-Sabi, which celebrate the beauty of imperfection and the finitude of life, offer valuable perspectives for accepting and embracing life’s inherent flaws.
Perfectionism, while often seen as a hallmark of success, can be a double-edged sword. Its implications in personal well-being, professional environments, and societal dynamics call for a reevaluation of our approach to flawlessness. Striking a balance between striving for excellence and accepting imperfection is key to fostering a healthier, more productive, and fulfilling life.
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